Silverfleet Capital, the European private equity firm that specialises in buy and build investments, has made a 3x money return and an IRR of 27 per cent from the EUR417m sale of France’s jewellery chain Histoire d’Or, to Bridgepoint Capital.
Silverfleet Capital invested in Histoire d’Or in 2006, in a tertiary buy-out, with the objective of continuing its roll-out strategy across France.
Since then the company has increased the number of stores it operates from 124 to 208 while Ebitda has grown by 70 per cent from EUR27m to EUR46m.
In addition to a roll-out in France and Italy the company has executed a buy and build strategy by acquiring three businesses, including Charles d’Orville, a 17 store chain in France and Histoire d’Or’s franchisee in Belgium.
Neil MacDougall, managing partner of Silverfleet Capital, says: “This has been a very successful investment generating a three times money multiple for Silverfleet Capital’s investors. This is made all the more remarkable by the resilience the company has demonstrated over the last two years and is a tribute to the exceptional retailing skills of the management of Histoire d’Or.”
